Cott profit falls as commodity costs rise

Wed May 2, 2012 8:50am EDT
 
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(Reuters) - Canadian soft drink maker Cott Corp (BCB.TO: Quote) (COT.N: Quote) reported a 13 percent fall in first-quarter profit as costs for commodities such as fruit and fruit concentrates, sweeteners and resin rose.

Net income attributed to Cott Corp fell to $5.9 million, or 6 cents per share, from $6.8 million, or 7 cents per share, a year ago.

Revenue at the private label beverage maker fell 2 percent to $523.8 million.

Cott operates soft drink, juice, water and other beverage bottling facilities in the United States, Canada, the UK and Mexico.

Filled beverage case volumes in North America fell more than 8 percent as it exited certain case pack water business, the company said in a statement.

The U.S. shelf-stable juice market was also weak, Cott said.

Cott shares, which have lost nearly a fourth of their value in the past year, closed at C$6.44 on Tuesday on the Toronto Stock Exchange.

(Reporting by Bhaswati Mukhopadhyay in Bangalore and Nicole Mordant in Vancouver; Editing by Sreejiraj Eluvangal)